Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading lower in India on Wednesday, taking cues from the international market. On the Multi Commodity Exchange, gold February futures were ruling Rs 141 or 0.3 per cent down at Rs 48,099 per 10 gram, as against the previous close of Rs 48,240. Silver March futures were trading at Rs 61,906 per kg, up Rs 101 or 0.16 per cent. In the previous session, silver futures ended at Rs 61,805 per kg. Globally, the yellow metal traded within a tight range as higher US Treasury yields and improved risk appetite countered concerns about the rapidly spreading Omicron coronavirus variant, according to Reuters. Spot gold was little changed at $1,789.12 per ounce while US gold futures also remained unchanged, at $1,789.50.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded steady on Wednesday with spot gold prices at COMEX hovering near $1790 per ounce in the morning trade while MCX Gold February contract opened near Rs 48100 per 10 gram. Gold prices declined on Tuesday with recovery in global equity indices and rise in US bond yields. The dollar index was trading with marginal gains capping upside in gold. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1780 and resistance at $1800 per ounce. MCX Gold February support lies at Rs 47800 and resistance at Rs 48400 per 10 gram.
Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Share and Stock Brokers
MCX Gold may appreciate as the dollar index has edged lower, starting a third successive session under pressure as investors favoured riskier currencies and asset classes. Nonetheless, the US Food and Drug Administration is set to authorise COVID-19 treatment pills from both Pfizer Inc and Merck as early as Wednesday. Hence, the upside may get limited. MCX Gold February may rise to 48,200 per 10 gram.
Bhavik Patel, Commodity/Currency Analyst, Tradebulls Securities
Gold has declined for a second consecutive rally due to a rally in equity markets. Traders chose to largely ignore potential economic risks that could come due to the new variant Omicron. The rally in US Treasury yields and better risk appetite (especially equity asset class) were negatives for safe haven demand like Gold. Reports of phone conversations between US President Biden and Sen. Joe Manchin also spurred hope to investors that Biden’s spending bill could get revived. Gold again failed to sustain above $1800 and it looks like there will be no Santa rally for precious metals. With the holiday season coming, we don’t see gold scaling above $1800 and expect gold to trade in the range of $1760-$1800 this week. In MCX, support comes around 47800 and resistance at 49000.
Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities
COMEX gold trades mixed near $1790/oz after a 0.3% decline in the previous session. Gold has come off highs as risk sentiment has stabilised somewhat while US bond yields have edged up. However, supporting prices are persisting virus concerns amid increasing spread of the variant and restrictions imposed to limit its spread. ETF investors have also moved to sidelines indicating lack of direction. Gold may remain range bound however Fed’s tightening outlook may keep US dollar supported and this may weigh on prices
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